C.H. Robinson announced that it has reached an agreement to acquire Freightquote.com, Inc. for $365m. The agreement is subject to certain customary closing conditions, including regulatory approval. Closing of the acquisition is expected to occur in the first quarter of 2015. C.H. Robinson will increase its existing revolving credit facility to finance the acquisition.
Freightquote is a privately-held freight broker providing services throughout North America. Freightquote’s calendar 2014 gross revenues are projected to be approximately $623m and adjusted EBITDA is projected to be approximately $34m. Headquartered in Kansas City, US, with approximately 1000 employees, Freightquote provides truckload, less than truckload and intermodal services to approximately 80,000 customers.
“Freightquote’s proprietary e-commerce technology allows shippers to easily access competitive rates and automated load acceptance and payment functionality. e-commerce is going to be a bigger part of future supply chain services and Freightquote brings us a leading solution in our industry,” said John Wiehoff, C.H. Robinson’s Chairman and Chief Executive Officer. “Freightquote brings synergies to our less than truckload and truckload businesses as well as a talented technology team with expertise developing a great e-commerce store front experience.”
“With the addition of Freightquote, we will increase our market share with small businesses and significantly expand our presence in the Kansas City market,” said Scott Satterlee, C.H. Robinson’s Senior Vice President of North America Surface Transportation.
Tim Barton, Executive Chairman of Freightquote, will serve as a consultant to Freightquote following the closing of the acquisition.
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